Stadiums

A new stadium is being proposed to built in Inglewood California and the developers of the property have indicated that no public dollars are being used to construct the building in any way. This is not necessarily true and it is expected that up to $100 million in public money may ultimately be sought after as part of the project.

The project is being built by a consortium of developers named the Hollywood Park Lane Co., which are at least partially owned by Stan Kroenke, the owner of the St. Louis Rams, who are expected to move into the stadium if and when the team relocates from St. Louis. St. Louis is proposing their own stadium to lure the team into staying.

The project proposes an 80,000 seat stadium as well as a 6,000 seat performance venue, along with the necessary parking. In accordance with the project there would also be streets, sewers, parks, and other public projects developed.

The developers are likely to seek $25 million each year as a reimbursement of some of these tax dollars with developers being reimbursed for certain eligible costs such as infrastructure developments such as streets and sidewalks that would be part of the project.

As such, while there are subsidiaries included in the project, they aren’t anywhere as significant as other stadium proposals in past years. Similar to some of the projects Ben Shaoul has been talking about on The Real Deal, it seems like this project may take some time to get off the ground.